Friedman Industries (NYSEAMERICAN:FRD – Get Free Report) was downgraded by equities researchers at StockNews.com from a “strong-buy” rating to a “buy” rating in a research report issued to clients and investors on Monday.
Friedman Industries Trading Up 0.2 %
Shares of FRD traded up $0.03 during mid-day trading on Monday, reaching $16.85. 17,036 shares of the company’s stock traded hands, compared to its average volume of 19,270. Friedman Industries has a 12 month low of $9.50 and a 12 month high of $19.52. The stock has a market cap of $117.44 million, a PE ratio of 7.05 and a beta of 1.37.
Friedman Industries (NYSEAMERICAN:FRD – Get Free Report) last posted its quarterly earnings results on Tuesday, June 11th. The company reported $0.71 EPS for the quarter. The business had revenue of $132.23 million for the quarter. Friedman Industries had a net margin of 3.36% and a return on equity of 13.86%.
Insider Activity
Institutional Trading of Friedman Industries
A number of hedge funds have recently modified their holdings of FRD. AJOVista LLC purchased a new position in shares of Friedman Industries in the fourth quarter valued at $49,000. Hillsdale Investment Management Inc. purchased a new position in Friedman Industries in the first quarter valued at about $131,000. O Shaughnessy Asset Management LLC purchased a new stake in shares of Friedman Industries during the first quarter worth about $425,000. Janney Montgomery Scott LLC lifted its holdings in shares of Friedman Industries by 17.3% during the fourth quarter. Janney Montgomery Scott LLC now owns 29,667 shares of the company’s stock worth $459,000 after purchasing an additional 4,377 shares during the period. Finally, Empowered Funds LLC lifted its holdings in Friedman Industries by 8.0% in the first quarter. Empowered Funds LLC now owns 30,796 shares of the company’s stock valued at $577,000 after acquiring an additional 2,275 shares during the period. Institutional investors own 33.26% of the company’s stock.
About Friedman Industries
Friedman Industries, Incorporated engages in steel processing, pipe manufacturing and processing, and the steel and pipe distribution businesses the United States. It operates in two segments, Coil and Tubular. The Coil segment is involved in the conversion of steel coils into flat sheet and plate steel cut to customer specifications and reselling steel coils.
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